Wednesday, 8 August 2018

Midweek chop

US equity indexes closed a little weak, sp -0.7pts at 2857. The two
leaders - Trans/R2K, settled -0.4% and -0.1% respectively. VIX settled -0.7% at 10.85. Near term
outlook offers moderate cooling on Thursday to the 2840s.

sp'daily5

VIX'daily3

Summary

It was a day of minor chop, with the sp' settling effectively u/c. Volatility was naturally subdued, melting lower for a fifth day.

There is threat of a sporadic cooling wave of 2-3% to the sp'2760s, and yours truly is not the only one open to such a s/t mini washout...

In any case, the m/t trend is unquestionably bullish, with the sp' on track to hit the 2950/3047 zone as early as mid/late September. Then things might get real interesting.
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